Signed Mitch Kupchak as a veteran free agent and sent Jim Chones, Brad Holland, a 1982 2nd round draft pick (Mike Gibson was later selected) and a 1983 1st round draft pick (Randy Wittman was later selected) to the Washington Bullets as compensation.

Signed Clay Johnson as a free agent.

Signed Harvey Knuckles as a free agent.

Signed Kevin McKenna as a free agent.

Signed Darrell Allums as a free agent.

Signed Kurt Rambis as a free agent.

Waived Clay Johnson.

Traded Butch Carter to the Indiana Pacers for a 1982 3rd round draft pick (Hutch Jones was later selected).

Waived Alan Hardy.

Fired Paul Westhead as Head Coach.

Hired Pat Riley as Head Coach.

Traded a 1983 2nd round draft pick (Kevin Williams was later selected) to the New Jersey Nets for Bob McAdoo.

Signed Clay Johnson as a free agent.

Drafted James Worthy in the 1st round (1st pick) of the 1982 NBA Draft.

Drafted Hutch Jones in the 3rd round (54th pick) of the 1982 NBA Draft.

Drafted Mike Hackett in the 3rd round (67th pick) of the 1982 NBA Draft.

Drafted Craig McCormick in the 4th round (90th pick) of the 1982 NBA Draft.

Drafted Howard McNeill in the 5th round (113th pick) of the 1982 NBA Draft.

Drafted Lynden Rose in the 6th round (136th pick) of the 1982 NBA Draft.

Drafted Maurice Williams in the 7th round (159th pick) of the 1982 NBA Draft.

Drafted Micah Blunt in the 8th round (182nd pick) of the 1982 NBA Draft.

Drafted Tim Byrne in the 9th round (203rd pick) of the 1982 NBA Draft.